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Advisers must protect elderly from financial fraud

Advisers must protect elderly from financial fraud

The elderly are targeted by fraudsters because they often have a pile of savings and a steady stream of income. Older people are also more prone to cognitive decline, physical disability, isolation and loneliness — all of which leave them susceptible to exploitation. More often than not, that exploitation is perpetrated by a close family member....

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FINRA Tackles Senior Financial Exploitation

FINRA Tackles Senior Financial Exploitation

By the year 2050, the number of U.S. residents 65 and older is projected to more than double — from 41 million to 86 million.[1] Baby boomers, defined by the U.S. Census Bureau as those born between 1946 and 1964, have begun to retire and control about 50 percent of the total investable assets in the U.S. — more than $30 trillion in net household wealth.[2] Equally significant, by some estimates, one in five Americans aged 65 and older has been victimized by financial fraud.[3] As wealth continues to concentrate in America’s elderly population, and the elderly population grows ever...

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U.S. Attorney announces that the Southern District of Indiana has collected 7.7 million dollars in criminal and civil actions in 2016

U.S. Attorney Josh J. Minkler recently announced that his federal office collected for the Southern District of Indiana (from Indianapolis to the Kentucky border) a total of $7,707,955 in criminal and civil actions in fiscal year 2016.  Securities fraud attorney, Scott Starr, had this to say about the announcement: “This demonstrates that even in good markets, securities fraud continues.  Bad stockbrokers and financial advisors will always be with us taking advantage of the elderly and victimizing their clients to satisfy their own greed.”  The law firm of Starr Austen & Miller has been representing the victims of securities fraud since 1982.  The...

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Whistleblower Tips, Recoveries on the Rise

By Michael Petro -- Buffalo Law Journal Statutory enactments by federal financial regulatory and various state enforcement agencies have made it easier, safer and financially enticing for employees and former employees to report corporate wrongdoing. According to the U.S. Securities and Exchange Committee, whistleblower tips have been on the increase over the past few years as legislation has provided whistleblowers incentives to report fraud to the Securities and Exchange Commission and Commodity Futures Trading Commission and give protection against retaliation and disclosure of their identities. The SEC, using the whistleblower program developed after the recession in 2010 under the Dodd-Frank Act, has...

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Biz Group Loses Stay Bid In DOL Fiduciary Rule Challenge

By Y. Peter Kang of Law360.com A D.C. federal judge on Wednesday denied a renewed request by a financial services industry group to block the U.S. Department of Labor’s rule expanding the definition of a fiduciary for retirement account investment advisers, saying the court had already determined the DOL's interpretation was reasonable. U.S. District Judge Randolph D. Moss denied the National Association for Fixed Annuities’ bid for a preliminary injunction blocking enactment of the rule while the group appeals his earlier ruling that rejected their case on the merits, saying NAFA isn’t likely to win the appeal. Having already determined that the DOL’s...

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